Ameriprise Financial, Inc. $AMP Stock: Assenagon Asset Management S.A. Raises Holdings

Key Points

• Assenagon Asset Management increased its Ameriprise Financial stake by 980.8% in the third quarter, purchasing 1.88 million additional shares and bringing its holdings to approximately $1.02 billion. Institutional investors collectively own 83.95% of AMP.
• Ameriprise reported quarterly EPS of $11.07, exceeding estimates by $0.26, while revenue rose 11.6% year over year to $4.90 billion. The company also authorized a $5.5 billion share-repurchase program and pays a $1.70 quarterly dividend.
• Analyst sentiment remains a “Moderate Buy,” with an average price target of $572.55, although targets have been lowered by several firms. AMP recently traded at $502.32, while insiders sold nearly $16.3 million of stock during the quarter.

Assenagon Asset Management S.A. grew its position in Ameriprise Financial, Inc. (NYSE:AMP - Free Report) by 980.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,069,740 shares of the financial services provider's stock after purchasing an additional 1,878,244 shares during the period. Ameriprise Financial comprises approximately 0.7% of Assenagon Asset Management S.A.'s holdings, making the stock its 23rd biggest holding. Assenagon Asset Management S.A. owned about 2.30% of Ameriprise Financial worth $1,019,036,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. State Street Corp raised its position in Ameriprise Financial by 1,279.7% in the 2nd quarter. State Street Corp now owns 63,365,362 shares of the financial services provider's stock valued at $29,069,493,000 after purchasing an additional 58,772,775 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Ameriprise Financial by 960.8% in the second quarter. Envestnet Asset Management Inc. now owns 3,352,117 shares of the financial services provider's stock worth $1,537,817,000 after purchasing an additional 3,036,128 shares in the last quarter. Artemis Investment Management LLP bought a new stake in shares of Ameriprise Financial during the third quarter worth $925,211,000. Douglas Lane & Associates LLC bought a new stake in shares of Ameriprise Financial during the third quarter worth $575,767,000. Finally, Fort Washington Investment Advisors Inc. OH bought a new stake in shares of Ameriprise Financial during the third quarter worth $530,290,000. Institutional investors own 83.95% of the company's stock.

Ameriprise Financial Stock Up 1.3%

Shares of AMP opened at $502.32 on Friday. The firm has a market capitalization of $45.16 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 1.02 and a beta of 1.16. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.71 and a current ratio of 0.71. The business's fifty day moving average price is $534.72 and its two-hundred day moving average price is $497.33. Ameriprise Financial, Inc. has a 52 week low of $422.37 and a 52 week high of $572.56.

Ameriprise Financial (NYSE:AMP - Get Free Report) last released its earnings results on Thursday, July 23rd. The financial services provider reported $11.07 EPS for the quarter, beating the consensus estimate of $10.81 by $0.26. The company had revenue of $4.90 billion during the quarter, compared to analysts' expectations of $4.87 billion. Ameriprise Financial had a return on equity of 64.19% and a net margin of 20.24%. The business's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the firm earned $9.11 EPS. On average, analysts predict that Ameriprise Financial, Inc. will post 46.14 earnings per share for the current year.

Ameriprise Financial declared that its Board of Directors has initiated a share repurchase plan on Tuesday, September 29th that allows the company to buy back $5.50 billion in shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Share repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Ameriprise Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Shareholders of record on Monday, August 3rd were given a dividend of $1.70 per share. The ex-dividend date was Monday, August 3rd. This represents a $6.80 dividend on an annualized basis and a yield of 1.4%. Ameriprise Financial's dividend payout ratio is presently 16.40%.

Insider Buying and Selling at Ameriprise Financial

In other news, SVP Dawn Brockman sold 472 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $558.93, for a total value of $263,814.96. Following the transaction, the senior vice president owned 713 shares of the company's stock, valued at approximately $398,517.09. This trade represents a 39.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William Williams sold 8,210 shares of Ameriprise Financial stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $539.35, for a total transaction of $4,428,063.50. Following the sale, the insider owned 6,780 shares of the company's stock, valued at approximately $3,656,793. This represents a 54.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 29,988 shares of company stock worth $16,316,497 over the last quarter. Company insiders own 0.60% of the company's stock.

Analyst Ratings Changes

AMP has been the subject of a number of research analyst reports. Argus lifted their price target on Ameriprise Financial from $534.00 to $590.00 and gave the company a "buy" rating in a report on Friday, July 31st. Jefferies Financial Group decreased their price objective on shares of Ameriprise Financial from $645.00 to $638.00 in a report on Monday. Morgan Stanley decreased their price objective on shares of Ameriprise Financial from $489.00 to $483.00 and set an "underweight" rating on the stock in a report on Friday, October 9th. BMO Capital Markets lowered their price objective on shares of Ameriprise Financial from $560.00 to $520.00 and set a "market perform" rating for the company in a research report on Tuesday, October 6th. Finally, Bank of America reaffirmed a "buy" rating and issued a $570.00 target price (down from $616.00) on shares of Ameriprise Financial in a research note on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Ameriprise Financial currently has an average rating of "Moderate Buy" and an average target price of $572.55.

Ameriprise Financial Company Profile

Ameriprise Financial, Inc is a diversified financial services company headquartered in Minneapolis, Minnesota. The company provides financial planning, investment advice, wealth management, retirement planning and insurance solutions to individuals, families, business owners and institutional clients.

Ameriprise serves clients primarily through a network of financial advisors and offers products and services that include brokerage and advisory accounts, mutual funds and other investments, retirement accounts, annuities, life and long-term-care insurance, banking products and personalized financial planning.

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